Petrobras awards Valaris new contract for drillship

Valaris has been awarded a 1,064-day contract for drillship VALARIS DS-4 with Petrobras offshore Brazil. Based on the firm contract term, the total contract value is approximately $519 million, including mobilization fees and additional services.

It is anticipated to commence in late Q4 2024, following the completion of the rig’s current contract with Petrobras, which is expected to finish in September 2024. Upon completion of the current contract, the rig is expected to be out of service for approximately 90 days to complete customer-required capital upgrades before beginning the new contract.

“We are delighted to have secured further work for drillship VALARIS DS-4 with Petrobras for their upcoming Buzios program and we look forward to continuing to partner with Petrobras on their programs offshore Brazil, a market where we expect to see continued growth over the next several years,” said Anton Dibowitz, President and CEO of Valaris.